FNGD vs TPVG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TriplePoint Venture Growth BDC Corp. (TPVG) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TPVG?
Across a 3-year window, the weekly returns of FNGD and TPVG correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.31). Stretching to 5 years gives -0.39, with an annualized covariance of -790.0 %².
Among the 1743 assets we track against FNGD, TPVG ranks #926 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TPVG ahead by 50.6 points (-55.7% versus -5.1%). Risk is not evenly split, since FNGD carries 2.2 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs TPVG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TPVG (TriplePoint Venture Growth BDC Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -5.1% |
| 5-year return | -99.4% | -31.0% |
| Volatility (ann.) | 75.7% | 33.8% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -43.4% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 5.4 |
| Dividend yield | 0.00% | 17.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TPVG |
|---|---|---|
| 2022 | +52.2% | -34.7% |
| 2023 | -90.1% | +20.3% |
| 2024 | -76.6% | -20.0% |
| 2025 | -61.4% | +3.9% |
| 2026 | -49.5% | -10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TPVG good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TPVG?
The FNGD/TPVG correlation stands at -0.31 on a 3-year window (1 year: -0.44, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is TPVG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tpvg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tpvg/)
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Related comparisons
Hubs: FNGD correlations · TPVG correlations
